Before Gerry David became CEO and president of fitness drink maker Celsius Holdings Inc. in 2011, the Boca Raton-based company had burned through $19 million in investment money and lost a contract with Costco, cutting its revenues in half.

"That was what I was greeted with immediately – that 40 percent of our revenue would be going away," David, 63, said.

It wasn't the best first impression, but it wouldn't be the last for a veteran capitalist who's made a habit of digging companies out from deep financial pits.

David said he saw potential in its calorie-burning beverage, a fruity flavored recipe of vitamins, caffeine and natural extracts.

Several peer-reviewed studies, funded by Celsius, have verified the drink's effectiveness at boosting users' metabolism and helping them lose weight, the company says.

There was a market for this type of "science-based" fitness drink, David thought, if the company could refocus the product from its original target of hardcore fitness club members to a broader base of health-minded adults everywhere.

Courtesy/Celsius Holdings Inc.

Gerry David, CEO and president of Celsius Holdings Inc.

Gerry David, CEO and president of Celsius Holdings Inc.

(Courtesy/Celsius Holdings Inc.)

Five years later, the publicly traded company has more than doubled its revenues and launched the drink into several international and domestic markets, catching the eye of investors and celebrity endorsers alike.

In fiscal year 2015, Celsius reported revenues of $17.2 million, up nearly $10 million compared to 2012, when the company took in $7.7 million.

Celsius, which comes in 12-ounce cans and powder mixes, is now sold at supermarkets and gyms, fitness stores and gas stations. David said Celsius has become the top-selling beverage at Equinox Fitness and Vitamin Shoppe locations nationwide, as well as a top-10 product at Gold's Gym locations.

Internationally, Celsius is a top-selling fitness drink in Sweden, David said. Its availability there resulted from a visit by Swedish tourists to South Beach six years ago who tasted Celsius and asked the company if they could distribute the product in their country.

Closer to home, Celsius this year announced it will be sold at 7-11 and Sunoco stores.

The company's website features photos of proud celebrity Celsius drinkers. David says pics of celebrities with the drink — including shots of reality-TV actress Khloe Kardashian and singer LeAnn Rimes — started showing up on social media sites.

Florida rapper Flo Rida, now a Celsius "brand ambassador," partnered with the company to develop a powdered version of the drink called Flo Fusion.

"We're on a lot of people's radars right now; let's put it that way," David said, "where four years ago we weren't."

In 2015, the company announced a $15.95 million investment from Hong Kong-based venture capital firm Horizons Venture, owned by Chinese billionaire Li Ka-Shing, that was set in motion when hip-hop and fashion mogul Russell Simmons, tasted Celsius at an Equinox Fitness, loved it and made some phone calls, David said.

For David, the investment was a pleasant surprise, as his company wasn't looking for funding.

"I think it was indicative of what they saw in the product and the company, and where the company is headed," he said.

Near the start of David's run as chief executive, he said, the company was sputtering along.

Back in 2010, Celsius had virtually "gone dark," ceasing advertising and marketing as it mulled the possibility of a sale.

Although the drink was available at 50,000 stores nationwide, David said, its target consumer base was too narrow. The drink's slogan was the "Ultimate Fitness Partner" and was marketed to regular gym users instead of the broader fitness-minded general population.

Wholesale club Costco pullled Celsius from its shelves because of low sales, David said, as shoppers were reluctant to purchase a 15-pack of a product they had never tried.

Majority shareholder Carl DeSantis, a South Florida entrepreneur, decided to buy out company founder and then-CEO Steven Haley and replace him with David, former excecutive vice president of consumer products at bio-tech company Oragenics Inc.

David led an overhaul, replacing company executives, redesigning the Celsius can and widening its target demographic. And for the first time, Celsius became available in retail stores as a single-can purchase.

Steve DiGuardi, general manager at Crunch Fitness in Oakland Park said he orders about 12 cases of Celsius every two weeks for his gym – and they fly off the shelves.

Jacqueline Salusso, 54, assistant manager at the gym, said members use Celsius to lift their energy levels while they exercise.

"It gives them that extra oomph that they need during their workouts," she said.

Looking to the future, David said his company plans to expand its reach to China, Singapore and Indonesia, among other countries, and develop other Celsius-branded products.

"Everything's falling into place," he said "We've got a good recipe for the future."